M and A
ZEDRA Increases Luxembourg Presence In Fresh Acquisition

The acquisition adds to ZEDRA’s fund and related corporate service offering in the European jurisdiction.
ZEDRA, the corporate
services, funds and wealth services firm, has bought BFCS, the
fund and corporate services arm of
Banque Internationale à Luxembourg.
The transaction is subject to regulatory approval from
Luxembourg's financial regulator, the Commission de Surveillance
du Secteur Financier. Upon regulatory approval of the deal, the
BFCS business will be fully integrated with ZEDRA and staff will
move to ZEDRA’s existing Luxembourg offices.
The acquisition adds to ZEDRA’s fund and related corporate
service offering in the European jurisdiction.
BFCS, which has been active for more than 50 years, offers
services in the corporate and funds’ sector, ranging from
services such as central administration for alternative
investment funds, to legal secretarial, domiciliation,
management, accounting, investor reporting and ESG services.
BFCS’ clients currently include high net worth individuals, asset
managers, investment and real-estate fund professionals.
ZEDRA has made a number of business acquisitions in Asia and
Europe. It bought the corporate trust services provider Interben
in Guernsey, acquired BNP Trust in Singapore and snapped up
accounting and outsourced services specialist Awans in Poland in
order to enter the Central European market.
There has been plenty of M&A activity in the funds,
administration and corporate services space in recent years. Last
year JTC, the international provider of fund, corporate and
private client services, agreed to acquire NES Financial, a
US-based fund administration services business. The deal comes
about a fortnight after JTC bought a private client business in
Jersey. In March last year, JTC acquired Sanne’s private client
business.
In 2019, SMP Group of Companies, a global professional and
financial services group based in the Isle of Man, bought
Jersey-based trust and corporate services provider Helm Trust
Company. A number of banks, such as Investec, ABN AMRO and
Barclays have spun off trusts and associated businesses. In
December 2017, investor services firm SGG Group bought
Jersey-based First Names Group from AnaCap Financial Services,
the private equity organisation, and ZEDRA bought the Barclays UK
trusts business, completing that deal in April 2016. More
recently, ZEDRA purchased BNP Paribas Singapore Trust
Corporation. The last decade has marked a steady flow of deals
consolidating the sector.